this hour ist ellen zentner. michael brown junior is also with us. ellen, i guess that taper is a miniscule taper. isn't it way overblown? with the failed act over the summer of the fed, volatility has been introduced into the marketing dan and markets have been expected taper ring and it is no longer does not going on forever purchases. we are prepared and markets are ready. that a mild taper, so what? >> in your study of said history, when in doubt wait. why should the fed acted they have every advantage to postpone? >> certainly, a more cautious fed has surprises every time. everyone who has bet against the fed has lost. that is a good argument was just made that ben bernanke could want it to be part of his legacy. to pairreally wants tapering with some kind of stronger forward guidance. to do that, you need a credible leader in the chair that will be there several years from now. janet yellen will not be chairing this meeting. >> if the fed acts now, do they have the ability to walk it back later? >> i think that would be very difficult. once they

ellen will join us from morgan stanley. she'll give us their erspective, the perspective of zentner and mr. rhine hart on the fed.ng forward to that as we go to the 2:00 p.m. meeting. we're going to have a special bloomberg coverage at 2:00 p.m. this afternoon with some smart guests on the future of the fed. >> all right, tom, thank you so much. i'm looking forward to all your coverage. tom keene there with "surveillance," eating chocolate. >> pretty brave man to take them off a desk, to be honest. right, what price of fame? let's talk about today's pulse number, 2.4 billion. that's the reported price silver lake and william morris have agreed to pay for a talent agency, i.m.g. e.m.g.'s roster includes taylor swift, justin timberlake, peyton manning, djokovic, gisele, all on the roster. that's add to the existing talent pool of william morris, which includes heavyweights ch as matt do common ben affleck. and you've got a mega agency, once you pool all those guys together, it's quite a list. sources say the company's intent to announce the deal later today. i'm sure we'll cover it right here on bloomberg. we're go